Tesla Offers New Incentives For Employees

Tesla is known to make things easier when it comes to its own processes. Well, the same thing can be said for its incentive program. According to Electrek, the automaker is trying to kill two birds with one stone, especially with its decision to launch a brand new incentive program.

Interestingly, the aforementioned is a whole lot different from its predecessors. For starters, it is meant to enable the more delivery in terms of vehicles by the end of the year. Plus, it will give employees a better shot on the company’s newly-unleashed Autopilot Hardware 3 test program.

It is worth noting that earlier this year, Elon Musk’s company sought “hundreds of employees” in hopes of testing the above-mentioned full self-driving system, which has gained massive praises following its reveal. In addition, it is expected to provide free Autopilot upgrades that all come with new purchases.

Apparently, it is safe to say that Tesla is retrofitting participants’ vehicles, particularly in line with the new Hardware 3 computer. According to official reports, the company’s decision to do so is all about being able to test the self-driving system.

As a matter of fact, based on reports released earlier this week, the car maker company is looking to obtain more participants in the program. Even Musk himself tried to reach to his own employees once again. It was particularly the following day and hoped to incentivize them as well. But, as mentioned above, it was all about encouraging them to jump on the program and order a car by the end of the year.

He wrote to employees in another email on Friday:

“Important point I forgot to mention is that, since we still only have premium interior available for Model 3, the $5,000 premium interior cost will be waived for this program. For those who have already ordered as part of the FSD program, Tesla will honor the discount.”

This new program already adds to the free Enhanced Autopilot and Full Self-Driving package, which is something that the company has been offering since then. In other words, this narrative would mean a total discount of nearly $13,000 for employees, all of whom rare acquire discounts on all Tesla vehicles.

Furthermore, the eccentric CEO informed employees that they can even apply accrued paid time off to the purchase of a vehicle. Just the same with any incentive given to customers, he highlighted the fact that those employees’ incentives as part of the Full Self-Driving test program are also only available until the end of the year.

It seems Tesla is indeed having trouble getting its own people to join the program, which has been an issue before. In fact, this has been the narrative that the company is trying to write for the past few months.

There is an acceptable reason behind it, though, especially since not all of the employees have the resources to purchase a Tesla vehicle. Still, it is an opportunity for them. The company is finally giving them the chance to do so.

As Musk pointed out in the email, the Model 3 with Mid-Range battery pack will cost employees only $30,200 in California after federal and local incentives. It cannot be denied that what he is offering is an attractive deal. This especially true since the electric vehicle automaker still has some Mid-Range Model 3 inventory vehicles that it wants to deliver by the end of the year and it now looks like it is turning to employees to sell them, so it is definitely interesting to see just how things will turn out in the next few months or so.

Luis Aureliano is a business writer and financial analyst. With over 15 years of experience in global finance and an MBA in economics and management, Luis’s areas of expertise include business, marketing, communications, personal finance, macro economics, stocks and emerging markets.

About Money Journals News

MoneyJournals.com advises to carefully examine any claim or suggestion made by financial advisers, Journalists or bloggers, before investing or trading under any Brokerage. materials presented in Money Journals.com should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. Money Journals supplies general market commentary and does not constitute investment or trading advice.